The information below relates to the Cash account in the ledger of Wildhorse Company.Balance September 1—$17,180; Cash deposited—$64,400.Balance September 30—$17,764; Checks written—$63,816.The September bank statement shows a balance of $16,782 on September 30 and the following memoranda.Credits DebitsCollection of $1,670 note plus interest $40 $1,710 NSF check: Richard Nance $605Interest earned on checking account $55 Safety deposit box rent $75At September 30, deposits in transit were $4,630, and outstanding checks totaled $2,563. Prepare the adjusting entries at September 30, assuming (1) the NSF check was from a customer on account, and (2) no interest had been accrued on the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditSept. 30enter an account title to record note receivable on September 30enter a debit amountenter a credit amount enter an account title to record note receivable on September 30enter a debit amountenter a credit amount enter an account title to record note receivable on September 30enter a debit amountenter a credit amount (To record note receivable.) Sept. 30enter an account title to record interest earned on September 30enter a debit amountenter a credit amount enter an account title to record interest earned on September 30enter a debit amountenter a credit amount (To record interest earned.) Sept. 30enter an account title to record NSF check on September 30enter a debit amountenter a credit amount enter an account title to record NSF check on September 30enter a debit amountenter a credit amount (To record NSF check.) Sept. 30enter an account title to record safety deposit rent on September 30enter a debit amountenter a credit amount enter an account title to record safety deposit rent on September 30enter a debit amountenter a credit amount (To record safety deposit rent.)

Journal entries records every business transaction during an accounting year. Every business…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The information below relates to the Cash account in the ledger of Wildhorse Company.

Balance September 1—$17,180;		Cash deposited—$64,400.
Balance September 30—$17,764;		Checks written—$63,816.

The September bank statement shows a balance of $16,782 on September 30 and the following memoranda.

Credits	Debits
Collection of $1,670 note plus interest $40	$1,710	NSF check: Richard Nance	$605
Interest earned on checking account	$55	Safety deposit box rent	$75

At September 30, deposits in transit were $4,630, and outstanding checks totaled $2,563.

Prepare the adjusting entries at September 30, assuming (1) the NSF check was from a customer on account, and (2) no interest had been accrued on the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Sept. 30	enter an account title to record note receivable on September 30	enter a debit amount	enter a credit amount
	enter an account title to record note receivable on September 30	enter a debit amount	enter a credit amount
	enter an account title to record note receivable on September 30	enter a debit amount	enter a credit amount
	(To record note receivable.)
Sept. 30	enter an account title to record interest earned on September 30	enter a debit amount	enter a credit amount
	enter an account title to record interest earned on September 30	enter a debit amount	enter a credit amount
	(To record interest earned.)
Sept. 30	enter an account title to record NSF check on September 30	enter a debit amount	enter a credit amount
	enter an account title to record NSF check on September 30	enter a debit amount	enter a credit amount
	(To record NSF check.)
Sept. 30	enter an account title to record safety deposit rent on September 30	enter a debit amount	enter a credit amount
	enter an account title to record safety deposit rent on September 30	enter a debit amount	enter a credit amount
	(To record safety deposit rent.)

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